Economy
Fort McMurray is considered the heart of one of Alberta's (and Canada's) major hubs of oil production, located near the Athabasca Oil Sands. Besides the oil sands, the economy also relies on natural gas and oil pipelines, forestry and tourism. Oil sand companies include Syncrude, Suncor Energy, CNRL, Shell, and Nexen.
Fort McMurray's growth is characteristic of a boomtown. Housing prices and rents are far higher in Fort McMurray than one would expect in such a remote area. In 2006, Fort McMurray had the highest prices in Alberta. The Alberta government has promised to release more Crown land for residential construction, particularly in Timberlea on the north side.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)